OpenNTF Gains Nonprofit Status

Posted by Peter Tanner on September 17, 2013

OpenNTF has received word
from the US Internal Revenue Service that its nonprofit corporate status
application has been approved. We requested, and were granted 501(c)(4)
status. A 501(c)(4) company is one that exists "for the promotion
of social welfare". In other words the IRS recognizes that we do good
stuff that benefits others.

The importance of this
is that it greatly simplifies the annual financial/tax reporting that we
need to do. Basically, we just have to file a simple annual on-line statement
as opposed to a full tax return. So, no accounting fees, no taxes, and
so we can use all our revenue (mostly from advertising) for contests, our
website, and other activities that our Board feels will benefit the community.

If anyone has any questions
about our legal status, or would like their companies to join OpenNTF -
feel free to get in touch with me at ip-manager@openntf.org.